I closed a refinance for one of my past clients on the 23rd and we had to subordinate a second lien they had with beloved Bank of America. We called B of A and asked about the process which they said was normally 10 business days but also noted that we could pay an additional $75 fee to RUSH the process and we would have it in 5 business days.
My processor had the closing attorney prepare the package and we sent it out on the 15th. I personally paid the RUSH fee of $75 to help out my client.
Well it is the 29th and still NO SUBORDINATION! I called Bank of America and talked with a delightful lady in the subordination department. Her comment was, "Sir, I understand your problem but you aren't the only one!" Well, I don't know about my client, the closing attorney or my company... but I feel better! Glad to know that I'm not the only one. That's helpful.
She went on to tell me that she could escalate it (whatever that means) but she would need the tracking number. I asked her to hold for a minute and I would get it.
She hung up.
I could rip a phonebook in half right now!!!!!! ARRRGGGGHHHH!!!
If you are refinancing and we need to subordinate and existing second mortgage or equity line... BEWARE! It will happen but it WILL NOT HAPPEN FAST!
Olan Carder
www.charlottemortgageonline.com
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Olan,
Its 2/2/09, any word back from BofA on your RUSH subordination? I am in the same boat - my broker overnighted sub docs to BofA right at their 85% CLTV on 1/16 and still no word from them either. If you have any tips or contacts there that can help "escalate" things, let me know. And I would demand they refund your $75 back as they failed to deliver within the required time.